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🚨Breaking News: ₹2000 denomination banknote is set to be withdrawn.
However, these notes will retain their status as legal tender.
Let's understand what's going on in a simple way 👇
#2000rs #2000notes #rbi
However, these notes will retain their status as legal tender.
Let's understand what's going on in a simple way 👇
#2000rs #2000notes #rbi
Q. What was the objective of ₹2000 banknotes?
A. The ₹2000 denomination banknotes were introduced in 2016 to address the currency requirement following the withdrawal of ₹500 and ₹1000 banknotes.
Printing of these notes stopped in 2018-19 as the objective was fulfilled.
A. The ₹2000 denomination banknotes were introduced in 2016 to address the currency requirement following the withdrawal of ₹500 and ₹1000 banknotes.
Printing of these notes stopped in 2018-19 as the objective was fulfilled.
Q. Why are ₹2000 denomination banknotes being withdrawn?
A. Most of the ₹2000 notes were issued before March 2017 and have reached their estimated lifespan.
The decision has been made considering these factors and the RBI's Clean Note Policy.
#RBI #moneysupply
A. Most of the ₹2000 notes were issued before March 2017 and have reached their estimated lifespan.
The decision has been made considering these factors and the RBI's Clean Note Policy.
#RBI #moneysupply
Q. What is the Clean Note Policy?
A. It is a policy adopted by RBI to ensure the availability of good quality banknotes to the public.
A. It is a policy adopted by RBI to ensure the availability of good quality banknotes to the public.
Q. Can ₹2000 banknotes be used for normal transactions?
A. Yes, the ₹2000 banknote will continue to maintain its legal tender status and can be used for normal transactions.
However, they are encouraged to deposit or exchange these banknotes on or before September 30, 2023.
A. Yes, the ₹2000 banknote will continue to maintain its legal tender status and can be used for normal transactions.
However, they are encouraged to deposit or exchange these banknotes on or before September 30, 2023.
Q. What should the people do with the ₹2000 denomination banknotes held by them?
A. From May 23, 2023, to September 30, 2023, people can visit any bank branch to deposit or exchange their ₹2000 banknotes.
To be an account holder is not required to exchange banknotes.
A. From May 23, 2023, to September 30, 2023, people can visit any bank branch to deposit or exchange their ₹2000 banknotes.
To be an account holder is not required to exchange banknotes.
Q. What is the limit on deposit and exchange of ₹2000 banknotes?
A. There is no limit for the deposit of ₹2000 banknotes, while people can exchange ₹2000 banknotes up to a limit of ₹20,000 at a time.
A. There is no limit for the deposit of ₹2000 banknotes, while people can exchange ₹2000 banknotes up to a limit of ₹20,000 at a time.
Q. What if a bank refuses to exchange or accept deposit of ₹2000 banknote?
A. The complainant may contact the bank first. If they don't respond within 30 days or the complainant is unsatisfied, they can use the RBI's CMS portal (cms.rbi.org.in) for further assistance.
A. The complainant may contact the bank first. If they don't respond within 30 days or the complainant is unsatisfied, they can use the RBI's CMS portal (cms.rbi.org.in) for further assistance.
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